The Executive Summary is the opening section of your business plan. It will also be the most important part of the plan, combining the most essential elements of other sections of the plan to justify your confidence in the company. It tells your readers where your company is, where you want to take it, and why you will be successful. This is the first opportunity to interest possible investors. Often this section is done last as it is an overall summary of the business plan in general.

Your Executive Summary should include the following items.

For Completely New Businesses:

• Personal Interests/Skills: Explain your background, experience, and why you’re particularly qualified to start your business. Walk through the decisions and story that led you to start
• Market Analysis: Show that you’ve done sufficient market research. Reveal what gap you plan to fill and show how your particular model will fit into the market. Convince the reader you will succeed in the target market, and then address future plans

For Established Businesses (or AFTER operating for 1 year):

• Mission Statement: This generally explains the idea of your business and what it’s about. This is usually a few sentences to a paragraph long
• Company Information: Include a short statement that covers when the business was formed, the names and roles of the founders, the number of employees, and your location
• Growth Highlights: Include examples of company growth, both financially and in terms of market share. Graphs and charts can be helpful
• Products / Services: Include what you are specifically selling and why it distinguishes you from others
• Financial Information: If you are seeking financing, include information about your current bank and investors
• Future Plans: Summarize where you want to take your business

The Business Description will be the second element in your Business Plan behind the Executive Summary.  The Business Description outlines the different elements and overall idea of your restaurant. Think of it as an extended elevator pitch that can help readers and potential investors understand the basics of your business and it’s distinguishing qualities. To create a successful description, focus specifically on why your idea differs from other existing restaurants and how those differences will lead to your success. Make sure to spend adequate time ensuring the wording of your description fully describes your vision and will appeal to others.

Your Business Description should include the following.

• Your restaurant concept and what distinguishes it from competition
• Why certain qualities of your restaurant will make you successful
• The competitive advantage of your idea. You can mention location, expertise, efficiency of operations, and anything else that will bring value to customers
• Any other aspects of your business or idea that would be particularly appealing to investors

The Market Analysis section of the business plan should reflect on how your experience and market knowledge supports your restaurant's chances of success. The analysis should build on the research you conducted when examining your customer base and competitors. You should also explore the Marketing / Advertising Workspace as it will help you pick specific strategies for obtaining customers that comprise your market.

Your Market Analysis should include the following.

• Industry Description and Outlook: Describe the size and prominence of your similar restaurants in the area in which you plan to open. Look specifically at growth rate. If there are any other positive trends mention them as well
• Distinguishing Market Characteristics: Define the local customer base you are targeting. What are the demographics in your area? What are the needs of potential customers and are they being met in your idea? Are there any seasonal or cyclical purchasing trends that will impact the restaurant?
• Size of Primary Market: The actual size of your target population as well as any additional data concerning how much the community as a whole currently spends on restaurants. If available, include forecasted market growth for these groups
• Market Share: What is the percentage and number of customers you plan to obtain in a defined geographic area? Explain how you came to your conclusions
• Pricing and Gross Margin Targets: Define your pricing structure (costs of menu items), gross margin levels (profits you plan to make), and any discounts you plan to use (marketing discounting). Make sure to clearly explain any of your calculations
• Competition in your Market: Identify and define your competition. Include direct competition (similar restaurant in your area) and indirect (other restaurants that can have an impact on your revenue streams). For each of your competitors as well as your restaurant, try to identify the following:
• Market Share
• Strengths and Weaknesses
• How important is your target market to your competitors?
• What is your window of opportunity to enter the market?
• Are there any indirect or secondary competitors who may impact your success?
• What barriers to the market are there (e.g., changing technology, high investment costs, etc)? How will they hinder or help you?
• Regulatory Restrictions: Include any governmental or customer regulatory requirements that will affect your restaurant and explain how you plan to comply. Also cite any financial or operational impacts such regulations will have on your restaurant

The Organization / Management section should include your company’s organizational structure, qualifications of management team, and any potential employee roles. The main goal of this section is to give potential readers confidence in the team you’ve assembled so far.

Make sure to leverage the Employee workspace for optimal management strategies and tips to follow when hiring staff. Employee regulatory and financial requirements are also covered in this workspace.

Your Organization / Management section should include the following:

• Organizational Structure: Lay out the employee structure of your company and what roles you’ve already filled. An easy way to do this is to create a organizational chart with a narrative description
• Ownership Information: You should lay out the legal structure of your business as well as the subsequent ownership information it relates to? Have you incorporated yet? If so is it a S corp or C corp? Did you create a partnership with anyone or are you the sole proprietor? Include the following:
• Names of owners
• Ownership Percentages
• Extent of involvement with the company
• Forms of ownership (i.e., common stock, preferred stock, general partner, limited partner)
• Outstanding equity equivalents (i.e., options, warrants, convertible debt)
• Common stock (i.e., authorized or issued)
• Management Profiles
• Resumes: Provide resumes on key people with your restaurant. The following information should be included:
• Name
• Position (include brief position description along with primary duties)
• Primary responsibilities and authority
• Education
• Unique experience and skills
• Prior employment
• Special skills
• Past track record
• Industry recognition
• Community involvement
• Number of years with company
• Compensation basis and levels (make sure these are reasonable — not too high or too low)
• Make sure to quantify achievements (e.g. “Managed a sales force of ten people,” “Managed a department of fifteen people,” “Increased revenue by 15 percent in the first six months,” “Expanded the retail outlets at the rate of two each year,” “Improved the customer service as rated by our customers from a 60 percent to a 90 percent rating”)

This Service / Product Line section of your business plan involves describing what you plan to sell and how you plan to do so. This also includes how you plan to obtain the supplies and equipment to generate what you are selling.

Include specific information about how the products and services you choose will benefit customers. Talk about your ability to meet customer needs and any advantages you have over the competition. This section can also include any trade secrets or intellectual property rights you’ve acquired and how they will help.

For additional information, make sure to leverage the templates and content provided in the Supply Chain / Inventory workspace and Equipment / Technology workspace.

The Marketing / Advertising Section will outline your plan to attract potential customers to your restaurant. Your market strategy will be dynamic and will change as your business grows, but for the sake of your business plan you’ll want to outline any strategy you’re currently using or plan to use.

Make sure to leverage the Marketing / Advertising workspace for an in-depth analysis of what should go into a marketing plan as well as suggestions for effective marketing / advertising strategies. 

Your Marketing / Advertising section should include the following:

• A market penetration strategy
• A growth strategy
• Communication strategy (how to reach your customers)

If you plan to acquire funding you’ll need to give an overview on how much you need, how you plan to use the funds, and your strategy for repaying loans. Include the amount you want now to start your business and the estimated amount you’ll need in the future. Make sure to also include a time period for each stage of funding.

For additional information, make sure to leverage the Financials / Capital workspace, which provides guidance and templates for determining initial capital needs.

The Financial Forecast section in your business plan is meant to estimate your restaurant's future financial performance. It should be consistent with the information you provided in your market analysis and backed by evidence / data.

For additional guidance, refer to the Financial Forecast section and leverage our Financial Forecasting Tool.

This Appendix section should include any other information that is relevant to your business or directly requested by investors/creditors.

Depending on who is requesting the business plan, the appendix may include the following.

• Credit history (personal & business)
• Resumes of key managers
• Product pictures
• Letters of reference
• Details of market studies
• Relevant magazine articles or book references
• Licenses, permits or patents
• Legal documents
• Copies of leases
• Building permits
• Contracts
• List of professional vendors you have hired or plan to hire (e.g. business consultants, lawyers, accountants)

The first step in creating a business in Maryland is registering your business and forming a legal business entity with Maryland’s State Department of Assessments and Taxation (SDAT). This requires that you determine which legal business structure is most relevant to your operations.

When starting a restaurant, the most common legal business structures include limited liability companies (LLCs), sole proprietorships, and partnerships. Under an LLC, your restaurant acts as a separate legal entity while, under a sole proprietorship, you and your restaurant are the same legal entity. Partnerships are very similar to sole proprietorships with the exception of multiple individuals or parties owning the business versus just one. These basic differences lead to several advantages and disadvantages for each structure and deciding between the three ultimately depends on what you value most.

Additional information can be found in our Legal Business Structure Guide.

Once you have decided on a legal business structure for your restaurant, the next step is to complete the necessary registration requirements. ​You can either register online through the Maryland Business Express Website or in-person at the Maryland State Department of Assessments and Taxation (SDAT) office (address and contact information included below).

For more information on how to register your business online, refer to the Maryland Business Express Website Guide.

After completing the registration, SDAT will issue its own identification number, usually beginning with a “D”, “F”, “W”, “L”, or “Z”. However, note that this identification number is NOT the same as the Federal Employer Identification Number (FEIN) soon to be described in STEP 3. The FEIN is generally the number required for opening any new business bank accounts. 


Maryland State Department of Assessments and Taxation (SDAT)
301 West Preston Street, 8th Floor
Baltimore, MD 21201
Telephone: 410-767-1184 | Outside the Baltimore Metro Area: 888-246-5941
Maryland Relay: 800-735-2258
Email: SDAT.charterhelp@maryland.gov

If you decide to file your restaurant as an LLC, this step is not required as you will already be establishing a separate legal entity for your restaurant. However, if you choose a sole proprietorship and want to operate your restaurant under a different name, then you are required to register a business trade name with the Maryland Department of Assessments and Taxation. 

This process of creating a fictitious business name, also referred to as “Doing Business As” (DBA), is generally the simplest and least expensive way for a small business to legally conduct business under a different name. For example, if Al Jones wants to open a sole proprietor burger business called “Burgers by Al Jones,” he needs to file a DBA for “Burgers by Al Jones.”  The rationale is to create an official public record for identifying what individual(s) are running the business.

For more information on how to register your trade name online, refer to the Maryland Business Express Website Guide.

The third step is obtaining a Federal Employer Identification Number (FEIN). The FEIN is a unique nine-digit number used by the Internal Revenue Service (IRS) to identify a business operating in the United States. The IRS generally expects your business entity to be formed with the Maryland State Department of Assessments and Taxation (SDAT) before applying for a FEIN number. In other words, you will need to first register your business with SDAT as described in STEP 1 and STEP 2.

Note that your FEIN is different than the identification number assigned by SDAT after completing your registrations.

The easiest way to obtain an FEIN is by applying through the IRS website (the portal can be reached here). 

***Note that Step 3 is the same task as Tax Requirement I in the Tax Workspace***

After registering your restaurant with SDAT (STEP 1 and STEP 2) and obtaining your FEIN (STEP 3), you will need to register the necessary tax accounts with the Comptroller of Maryland.

We highly recommend registering through Maryland’s Business Express Website. In this portal, you can implement a Combined Registration Application, which registers your restaurant’s tax accounts for Sales and Use Tax, Employer Withholding Tax, Unemployment Insurance, Admissions and Amusement Tax, Tire Recycling Fee and Transient Vendor License. While you may need additional tax registrations depending on your business, this should cover the majority, if not all, the tax registrations initially required for your new restaurant.

For more information on how to do this, refer to the Maryland Business Express Website Guide.

You can also download the registration form here and fax or mail it to the below address. However, note that this registration form is far more difficult to navigate than doing it through Maryland’s Business Express Website.

Central Registration
Comptroller of Maryland Revenue Administration Center
110 Carroll Street
Annapolis, MD 21411-0001

For additional information, you can refer to each of the Comptroller’s taxpayer service offices. In all of their locations, you can obtain personal assistance for setting up tax accounts and asking questions regarding your business.

***Note that Step 4 is the same task as Tax Requirement II in the Tax Workspace***